The stock market regulatory body of France, the Autorité des marchés financiers (AMF) has ruled that companies using cryptocurrencies must adhere to certain rules.

The decision comes on the heels of an analysis of the legal qualification of cryptocurrency derivatives, which the AMF conducted post an escalation in the number of online trading platforms offering binary options, CFDs or Forex contracts with an end-of-day maturity, where the underlying is a cryptocurrency.

In a recent scrutiny, the AMF looked at the legal qualification of the notion of ‘derivative’ in the context of cryptocurrency derivatives, as well as whether a cryptocurrency can be legally regarded as an eligible underlying.

The regulator noted that the notion of ‘derivative’ is not defined in European Union legislation as such and within the MiFID framework, EU lawmakers only set out a list of derivatives followed by a list of eligible underlying.

Consequently, the AMF has now concluded that a cash-settled cryptocurrency contract may qualify as a derivative, “irrespective of the legal qualification of a cryptocurrency”.

Online platforms active in France that offer cryptocurrency derivatives must now ensure that they are in accordance with the authorisation, conduct of business rules, and the EMIR trade reporting obligation to a trade repository.

In addition, such products are subject to the provisions of the Sapin 2 law and the ban of advertisements for certain financial contracts.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing.
Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

Michigan Sports Betting Legislation to be Ready by Super Bowl

Michigan State Rep. Brandt Iden, R-Kalamazoo, an active force behind the drive to legalize sports betting in the state following the U.S. Supreme Court order, has said he aims to complete the legalities by the Super Bowl. He said: “My goal is to have this up and running by the Super Bowl. Casinos are moving forward because they know it’s going to come to fruition at some point. If we don’t do this, we will continue to lose consumers to other states.”

Thirteen states and the District of Columbia have approved sports betting in their states since the court order. Michigan lawmakers are following suit by resurrecting an old plan.

Even though the bills had widespread support in the Legislature, they were vetoed by former Gov. Rick Snyder, who opposed the expansion of gambling in the state and feared a loss of revenue for the state lottery, from which revenues are funneled to schools.

Iden is hoping for a different outcome with a new governor in office.

The bill calls for an 8% tax on sports betting, which would generate between $8.7 million to $11.2 million in tax revenues. That’s based on a sport betting market in Michigan, both in the casinos and online, of up to $225 million.

The bill comes as the U.S. Supreme Court paved the way for legalized sports betting across the nation last year. The justices ruled that a 25-year-old federal law that has effectively prohibited sports betting outside Nevada is unconstitutional. The ruling set the stage for other states to expand legalized gambling as a source of government revenue.

Related

UKGC: £1.8m fine for Silverbond Enterprises

A land-based casino has received a £1.8m fine, an operator licence warning and had additional conditions added to its licence for social responsibility and money laundering failings.

Silverbond Enterprises Limited received the penalties following a Gambling Commission investigation into its Park Lane Club in Mayfair.

Social responsibility failings included not recognising the indicators of potential problem gambling such as a customer displaying violent behaviour which included threatening staff and damaging of property, a customer asking for his winnings to be transferred to his personal bank account to prevent him playing further, and a customer of the casino asking to increase the maximum amount that could be deposited by cheque.

Money laundering failings included the operator’s compliance procedures not detailing how anti-money laundering policies were to be implemented and failing to carry out enhanced due diligence on 61 customers.

Two personal management licence holders at Park Lane Club have also received formal warnings and informed they must improve their record on protecting players and preventing money laundering.

Norwegians across the country’s 11 municipalities are going to the polls today (9 November) to elect representatives to the country’s municipal and county councils. These bodies are responsible for education, public transport, health and elderly care and the collection of certain taxes in each jurisdiction.

Norsk Tipping claimed that with due to certain municipalities and counties being sparsely populated, the chance to win money based on certain candidates winning could lead to tactical voting or corruption.

“It would be possible to [offer odds on the elections], but there are many good reasons not to,” the operator’s director of communications Tonje Sagstuen explained. “The most important thing is that if money is at stake on the outcome of local elections, it can affect both the election and its result in a number of ways.

“It could affect how you vote yourself [and] it allows for […] manipulation,” Sagstuen said. “In other words, gambling can affect, directly or indirectly, who gets into power in your municipality.”

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